The Saudi Red Sea Authority (SRSA) has implemented a new set of regulations for yachts operating in the Red Sea, marking a significant step towards developing a sustainable and well-regulated coastal tourism sector. The regulations emphasize environmental protection, safety, and accessibility, aiming to attract both local and international tourists and position Saudi Arabia as a premier destination for luxury and eco-tourism.
The luxury yacht industry is projected to grow significantly in the coming years, with a projected market value of $12.8 billion by 2031. Europe currently dominates the market, but emerging markets such as Asia-Pacific and the Middle East & Africa are expected to contribute to future growth. The popularity of luxury yachts among wealthy individuals and the growing trend of yacht tourism are key drivers of this market expansion.
